Friday, October 23, 2009
Monday, March 23, 2009
How we got in to this mess...
http://www.msnbc.msn.com/id/29827248/
'If you had a pulse, we gave you a loan'
Dateline ABC has a decent piece on the current mortgage fiasco. It is well done and a good look into the current crisis on how toxic mortgages work in the system and how they were made/sold. Warning, watching this might make you a little ill.
Rolling Stone Article
“The Big Takeover” by Matt Taibbi is a good read on how this current crisis is not about money, but rather power. I found this a story very good and well informed. http://www.msnbc.msn.com/id/29827248/
'If you had a pulse, we gave you a loan'
Dateline ABC has a decent piece on the current mortgage fiasco. It is well done and a good look into the current crisis on how toxic mortgages work in the system and how they were made/sold. Warning, watching this might make you a little ill.
Rolling Stone Article
“The Big Takeover” by Matt Taibbi is a good read on how this current crisis is not about money, but rather power. I found this a story very good and well informed. http://www.msnbc.msn.com/id/29827248/
Thursday, March 19, 2009
Are rates as low as they can go?
Yesterday mortgage rates fell off a cliff again. They are back in the 4.375% - 4.5% range, down from 5.25%. This large drop was due to the government interaction in the bond the market. A story posted on Marketwatch.com today hints at the theory that mortgage rates might not go any lower then they are today.
“It's hard to make the case for a quantum leap below 5% given everything we are seeing now," said Nancy Vanden Houten, an economist at Stone & McCarthy Research Associates. She anticipates rates could hover between 5% and 5.25% for a while, she said in an interview Tuesday. "I think it's more or less found a bottom."
Nancy Vanden Houten might be right on this. How much lower can they really go? I’m not sure and I don’t think anyone really does. If you are in the market for a new home or looking to refinance I would suggest that in the next month you think about taking action. One thing is for sure, someday rates will go up and it will be a long time/if ever before they dip below 5% again.
Please contact me if you have any questions!
“It's hard to make the case for a quantum leap below 5% given everything we are seeing now," said Nancy Vanden Houten, an economist at Stone & McCarthy Research Associates. She anticipates rates could hover between 5% and 5.25% for a while, she said in an interview Tuesday. "I think it's more or less found a bottom."
Nancy Vanden Houten might be right on this. How much lower can they really go? I’m not sure and I don’t think anyone really does. If you are in the market for a new home or looking to refinance I would suggest that in the next month you think about taking action. One thing is for sure, someday rates will go up and it will be a long time/if ever before they dip below 5% again.
Please contact me if you have any questions!
This article on Bankrate.com is a good read om why a person might consider an FHA loan or VA loan.
If you are a Veteran then the VA option might be a great choice. Not only can you buy home with no money down, but you also might be able refinance up to 100% of your property value.
If you are not a Veteran then a FHA loan might be a good option for you. These home loans allow you to take out more cash or pay off more debt then a conventional loan. In regards to purchasing a home the FHA loan only requires 3.5% down payment, rather then 5% with conventional. Although, FHA may sound like a great option, it costs a little bit more then a conventional loan.
Please have a mortgage loan officer review your personal situation to find out what product works best for you. Make sure you receive more then a single option from your loan officer, so you can compare the cost between the different types of loans and then you will be able to make an educated choice.
If you are a Veteran then the VA option might be a great choice. Not only can you buy home with no money down, but you also might be able refinance up to 100% of your property value.
If you are not a Veteran then a FHA loan might be a good option for you. These home loans allow you to take out more cash or pay off more debt then a conventional loan. In regards to purchasing a home the FHA loan only requires 3.5% down payment, rather then 5% with conventional. Although, FHA may sound like a great option, it costs a little bit more then a conventional loan.
Please have a mortgage loan officer review your personal situation to find out what product works best for you. Make sure you receive more then a single option from your loan officer, so you can compare the cost between the different types of loans and then you will be able to make an educated choice.
Wednesday, January 21, 2009
What to do about our foreclosure mess?
I came across a fairly good an opinion piece on the foreclosure mess. It was constructed by Fritz Pfister and can be found at this link.
I have a better idea. Instead of stealing money from responsible,
productive citizens to be redistributed, try this; waive all federal taxes for families facing default if their loans will adjust to a level
they cannot afford. These families would then be able to afford to pay for their
homes instead of sending the difference making money they have earned to D.C. to
be squandered on big government programs.
Wednesday, January 14, 2009
Should I or Should I not refi my home?
This article is all about asking yourself is it really worth it to refi your home or not?
Thursday, January 8, 2009
RATES ARE LOW!!
Yahoo (source) just posted another article talking about how low mortgage rates are. The catch-22 is that it’s not for all homeowners, only those who have equity and good credit scores.
If you are a person with a 700+ credit score, full-doc, w/more then 20% equity then you are eligible for outstanding mortgage rate. Please keep in mind, that paying off debt or cash-out on equity, you will be looking at a higher rate then advertise. Expect to see a .5% - 1% hit to your rate.
If you’re a person with a 640+ fico, full-doc and less then 20% equity there still might be hope for you. Currently FHA programs allow higher LTV’s and the rates are starting around 5 – 5.5%
If you’re a person who is self-employee and obtain a stated mortgage to purchase a house, as of now you’re out of luck. I do think that this product will come back, but as of now your options are limited. If you are having a hard time paying your mortgage, contact your mortgage servicer and find out if you can work out a loan mod.
If you are a person with a 700+ credit score, full-doc, w/more then 20% equity then you are eligible for outstanding mortgage rate. Please keep in mind, that paying off debt or cash-out on equity, you will be looking at a higher rate then advertise. Expect to see a .5% - 1% hit to your rate.
If you’re a person with a 640+ fico, full-doc and less then 20% equity there still might be hope for you. Currently FHA programs allow higher LTV’s and the rates are starting around 5 – 5.5%
If you’re a person who is self-employee and obtain a stated mortgage to purchase a house, as of now you’re out of luck. I do think that this product will come back, but as of now your options are limited. If you are having a hard time paying your mortgage, contact your mortgage servicer and find out if you can work out a loan mod.
Thursday, December 18, 2008
RATES ARE LOW
Mortgage rates have hit the lowest on record!! The time is now if you are thinking about getting out of an ARM or looking to lower your monthly payment.
Click Here for the story
Click Here for the story
The real Wall Street greed!!
This is a great story that was posted on Yahoo today. This is what happens when people are blinded by greed!
Click Here for the story
Click Here for the story
Tuesday, December 16, 2008
FED rate is @ .25%!!
Wow, now it doesn't even cost Americans 1% to borrow our own currency!! If anything this should make banks really happy!
The link is for a Yahoo article which lists 6 things that lower FED interest rate will affect you.
http://finance.yahoo.com/news/6-Things-to-Know-About-the-usnews-13847905.html
The link is for a Yahoo article which lists 6 things that lower FED interest rate will affect you.
http://finance.yahoo.com/news/6-Things-to-Know-About-the-usnews-13847905.html
The government is trying!!
The brain trusts of America are starting to think that lower interest rates on mortgages will help to solve the housing issues in America.
Not sure if this step will be a the cure all, but it will help. I personally think it is a start in the right direction. I will even go out on a limb and say that depending on unemployment rate, the housing bust might be over in late 2009/early 2010, if rates stay low for the next six months.
http://finance.yahoo.com/news/USbacked-banks-could-be-rb-13846617.html
Not sure if this step will be a the cure all, but it will help. I personally think it is a start in the right direction. I will even go out on a limb and say that depending on unemployment rate, the housing bust might be over in late 2009/early 2010, if rates stay low for the next six months.
http://finance.yahoo.com/news/USbacked-banks-could-be-rb-13846617.html
Thursday, December 11, 2008
Lowest level in 4 years!!
Mortgage rates are falling!! Not sure how long this will last, but I think rates should stay between 4.5% - 5% for the next month.
Contact us to find out what the current rates is.
Contact us to find out what the current rates is.
Friday, December 5, 2008
DOOM n' GLOOM
It'sall about doom and gloom these days. Bloomberg is reporting today that 1 out of 10 homeowners are behind on their mortgage or in foreclosure. OUCH!
http://www.bloomberg.com/apps/news?pid=20601087&sid=a37uyBrX6dvY&refer=worldwide
http://www.bloomberg.com/apps/news?pid=20601087&sid=a37uyBrX6dvY&refer=worldwide
Thursday, December 4, 2008
Tips on how to boost your home’s value!
I still think the most cost effective way to enhance your home value is a nice fresh coat of paint. It can be done as a weekend project or you can hire a professional. Either way it will give your home a fresh look and is gentle on your budge.
SOURCE
SOURCE
Real Estate down 17% in Sept!!
SOURCE
SOURCE
The latest Case-Shiller home price index released Tuesday by Standard & Poor's shows prices falling at an annual rate of more than 17% in September across the country, with all 20 markets tracked by the index showing declines from August and to September of 2007.
Home prices on a national level are down 17% in September. Please keep in mind that not all homes are declining in value. Unlike other investments, real estate is based on the local market value rather then the national value.
At the same time, when looking at the big picture, it looks a little scary
SOURCE
The latest Case-Shiller home price index released Tuesday by Standard & Poor's shows prices falling at an annual rate of more than 17% in September across the country, with all 20 markets tracked by the index showing declines from August and to September of 2007.
Home prices on a national level are down 17% in September. Please keep in mind that not all homes are declining in value. Unlike other investments, real estate is based on the local market value rather then the national value.
At the same time, when looking at the big picture, it looks a little scary
The FED is buying mortgages
The FED is going to purchase trouble mortgage assets, which it hopes will ease lending and help put a bottom on home prices. With this announcement mortgage rates have dropped dramatically this past week.
SOURCE
“The rate reduction is exactly what the Fed intended: "This action is being
taken to reduce the cost and increase the availability of credit for the
purchase of houses, which in turn should support housing markets and foster
improved conditions in financial markets more generally," the central bank said
in its announcement."
SOURCE
Wednesday, November 5, 2008
Hats off to you Obama
Congratulations to Barack Obama on becoming the next president elect. I wish him well and hope that he is able to pull our country out of this bleak period. He has a lot of work to do!
Thursday, October 30, 2008
Is that home a steal or overpriced?
This article courtesy of bankrate.com provides you with a simple formula to determine if the home you are looking at is overpriced or not. They use the price/rent ratio, which might help you figure out if the home your scoping out is a good deal or not.
The one true thing, I've seen in all my years of Real Estate is never just take the Realtors word for it. Always do your homework and ask for multiple options, unless it’s a specific type of house in a specific neighborhood, then your pretty much stuck.
SOURCE
The one true thing, I've seen in all my years of Real Estate is never just take the Realtors word for it. Always do your homework and ask for multiple options, unless it’s a specific type of house in a specific neighborhood, then your pretty much stuck.
SOURCE
Subscribe to:
Posts (Atom)